Millionaire Expat 2nd ed: Update and Reviews

This book’s edits are finally finished! 

It should get printed in late December.  Reviews, so far, have been great. Here are a few:


Burton Malkiel, author of A Random Walk Down Wall Street, says Millionaire Expat is,

“Wise investment advice delivered with clarity and humor.”  


Scott Burns, the legendary syndicated financial columnist says:

“I like to think of Andrew Hallam as the Johnie Appleseed of Index Investing. He travels the world, introducing his fellow expats to the humble miracle of low-cost investing. That same investing is the best path to a well-funded and independent future. If he comes your way, make every effort to meet him. Listen carefully. Whether you meet him or not, read this book. First, you can use it as a shield against blood-sucking sales people. They will gladly drain the return on your savings to line their pockets. They will happily deprive you of a well-funded future. But there is a more important use for Millionaire Expat. It will be your detailed road map. It tells you exactly how to save and invest for your future while living in the growing tribe of expats.” 


Larry Swedroe, the well-respected finance writer and researcher says:

Millionaire Expat is like a trusted shield, protecting expatriates from the industry’s self-serving dragons.  Andrew Hallam describes investment strategies that are aligned with academic evidence, not the sales driven rhetoric to which so many naïve investors get burned”    



I’ll be bringing copies of Millionaire Expat to the ELME conference in Amsterdam, mid January.  I’ll also be bringing copies to the Middle East in late January, where I’ll be giving a series of talks and a radio show with Dubai Eye.  This book has 30 percent more content than its first edition (The Global Expatriate’s Guide To Investing).  At 380 pages, 40 percent of the content is original or updated (not previously published in the book’s first edition).

I hope you like it!

Find Out More or Pre-order Here



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Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (2nd Ed. Wiley 2017) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions. However, please read the Terms of Use, Privacy Policy and the Comments Policy.

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15 Responses

  1. Jen says:

    I will definitely be getting the second version. Even have managed to get some people at care..buying your books now Andrew!
    I need some advise…I use Saxo as my platform..and recently wanted to sell a small amount of an ETF …but cannot work out how to…seems to only be Close position or take profit/ stop loss options. Anyone sold..liek1% of something …if so how did they do it on Saxo? I am using my iPad so perhaps the whole platform does not show?

  2. Jen says:

    Further to my question comment above…I,ll try an example; I am sure some of you out there will be shaking your heads wondering why if I did not know this I have built a portfolio of ETFs…but I am a lay person and can only learn by asking. (I have also googled it but don’t find my answer):

    E.g. Theoretically speaking..?iretire and I have 1000 units in a global ETF….I withdraws 4% each that means then I sell 40units in year one….so that leaves me with 960 units (the value of which go up and down), the next year yI sell another 4% of my global ETF units etc…..but this means my money won’t last very long because my ETF units are getting less and less (even if there value increases).

    Someone please explain this to me. I was looking at my portfolio and never having sold anything. before was wondering how one would do it….and the only way one gets one money out is by…closing one,s position (selling everything) or selling the percentage of those ETF units.
    Help please.

    • Hi Jen,

      You would set a base of 4% in your first year of retirement, as shown in table 2.1 (page 15) of my book, The Global Expatriate’s Guide To Investing. Let’s say it amounted to a dollar figure of $20,000. At the end of that year, you would find out what inflation was. Let’s say it was 3 percent. In that case, you would withdraw $20,000 (because that’s your base) and add 3% to cover inflation (20,000 x 1.03 = $20,600). In this case, you would withdraw $20,600 in year two. Ignore the unit values (some units will split, and dividends will mess you up as well) and concentrate on the base amount being withdrawn (the 4%) then the additional amounts to cover inflation in each year after that.


      • Jen says:

        Hi Andrew..yes the withdrawing of an amount is what made sense to me…but as silly as this sounds..I did not realise I,d have to work out how many units I,d have to sell to equal that amount….and watch my units go lower…as u sell your units they get less…the units theselves. I don,t know if I,m making sense. I probably have to find someone to talk face to face. Thanks for your reply.

        • Jen,

          When your units split, you will end up with more of them. Don’t even think about units. Think about dollar (or pound values) as Mark also reiterated.
          It also sounds like Mark Zoril would definitely be worth your money. For $96, he could answer any question you want over the phone ($96 a year!) and he can help you with rebalancing and selling parts of your portfolio during retirement.


    • Chris says:

      Hi Jen,

      Never be shy to ask questions – that is how we all learn and it’s also a way to avoid costly mistakes too. Well done for going ahead and setting up your own portfolio. It won’t take long to get the hang of everything and you won’t regret having done so in the long run.

      Andrew has given you a clear answer to your earlier question, so not much to add – except to re-emphasise that your 4% calculation is based on the dollar value of your portfolio and not on the number of units you hold. Once you decide the dollar amount to withdraw, you can calculate the number of units you need to sell.

  3. Rizwan says:

    Hey Andrew,

    I read your book for Global Expats and was looking into opening an account with a broker. I am a Canadian expat in the U.A.E. looking to invest for about 25 years and retire back in Canada.

    Your book mentioned TD Waterhouse and TD Direct Investing as options for brokers for Canadians. I have also come across Internaxx and Swissquote. Considering that you mentioned the two in your book a few years ago, which one would you recommend to open an account with now?

    Thanks for the guidance,

    • Hi Riz,

      I also mentioned Saxo Capital Markets in that book. Internaxx is actually TD Direct International. I mentioned a few others in the second edition of my book, Millionaire Expat. But the brokerage you select is entirely up to you. It’s about the least important financial decision you could ever make.


  4. Alberto says:

    Hi Andrew,
    right after finishing your Guide, I bought this book and I am looking forward to reading it. Being conscious about the need of investing to create my future wealth as an expat, your book was a great found since I was sincerely lost among banks’ investment products, life insurances and so on.
    There’s an aspect which I haven’t found in your Guide and I am not sure it’s included in your Millionaire Expat: robo-advisors.
    I live in Singapore at the moment (was great to find a chapter on DBS Vickers btw), and here StashAway got quite good attention since its inceptions. Do you treat the topic in any of your resources? They sound like solutions quite close to those principles you mention (low cost, long term view, fixed composition + re-balancing when needed, follow the trend rather than trying to beat the market). Is it a topic that could worth an investigation? What’s your opinion on them?

    Thank you!

    Best regards.

  5. Thibaut RANJANORO says:

    Hi Andrew,

    First of all, congratulations for your work. I have literally devoured your book in few hours. I can recommend it each time that I can.

    Secundly, I have a question regarding my situation.
    I’m 29. My nationality is malagasy, and I’m working in Belgium.

    Here the allocation I was planning (Global Nomad portfolio + REIT) :
    80% SWDA
    10% IGIL
    10% IWDP (Developed Markets Property Yield)

    May I ask you if the balance is good or if I should increase/decrease REIT ?

    Thank you in advance,


  6. Robert says:

    Hi Andrew

    I’m an Australian expat who may well retire overseas (in SE Asia). I bought your Global Expatriates book, got my money out of Friends Provident and set up a fund with SAXO in Singapore based on the fundamental weighted share index (so the alternative to the couch potato portfolio). I put 50% in the RAFI All World 3000 index, 20% in the RAFI Asia Pacific index, 20% in global bonds and 10% in Australian bonds. I reinvest and balance each year, and it’s been going well.

    However, SAXO recently delisted the RAFI Asia Pacific Index. I now have a big pile of cash in my account and want to reinvest it, but I don’t know what to buy with it. I bought the new edition of your Millionaire Expat book and notice that you don’t mention the fundamental weighted approach any more. I guess the fundamental weighted indices didn’t catch on – trading on them on SAXO has been very thin – and it’s possible the RAFI All World 3000 index might be delisted one day as well.

    What would be a good alternative? Sell the RAFI All World 3000 and invest the lot (ie 70%) in a global weighted index funds outlined in the couch potato portfolio? Stick with the RAFI All World 3000 for now and look for an equivalent low cost Asia Pacific fund for the 20% cash balance in my account?

    Thank you very much

  7. David T says:

    Hi Andrew,

    I”m an expat investor based in Dubai and I’ve recently read your book – “Millionaire Expat How to Build Wealth Living Overseas”. I have to say I really enjoyed it, found it to be very informative, educational and easy to understand and follow. So thank you very much for it.

    I have a question regarding capital gains tax and choice of brokerage firm to use as an expat investor, based on what I read in your book on this topic that I was hoping you could help me with?

    I’m currently resident in Dubai so not liable to capital gains tax from the tax authorities in my country of residence. But in your book, you mention that non-American expat investors can avoid capital gains taxes so long as their resident country won’t tax them on foreign earned investment profits, and also so long as they invest through offshore brokerages located where authorities won’t charge capital gains taxes.

    It the 2nd part of this statement that I have a question on. I have an account with Interactive Brokers, which is based in the USA. So is there a chance I will be liable to capital gains taxes from the IRS for investment profits realized in my Interactive Brokers account, even though I’m a non-American citizen and not resident in the US?

    One final question I have is on the brokerage firm Swissquote. Being a Swiss company, I believe Swiss stamp duty is payable on investments. Do you have a view on the competitiveness of this firm against other offshore brokerage firms from a cost point of view given stamp duty also has to be paid?

    Many thanks,
    David T

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